Taking USD to the US, ie not exchanging - Cash and/or Card?

jwrathall on 20/02/2015 - 12:32

Hi all,

This is not another 'what card combos are the best' question. I have around $17,000 USD in a foreign currency HSBC account here in Australia.

I am planning to go to the US for around 3 months in March. Obviously I don't need/want to exchange the USD to AUD to then be exchanged back to USD on a travel/credit card.

28 degrees, citibank plus and cash passport and many other cards require an AUD deposit. HSBC has cards where I could keep the USD and use in the US, but they charge a ridiculous 3% per transaction.

Does anyone know a card in Australia that can be loaded/transacted with USD (not AUD) and used to withdraw cash and/or make credit payments in the US without % rate fees, ie, just a $2 or $3 fee per transaction?

Or should I just take the USD out of HSBC as cash and risk it, or find a short-term holding in an American Bank?

Thanks

Travel

Comments

  • travelwiz on 20/02/2015 - 13:42

    individually you can't take more than $10k out of OZ without a please explain (they think you're a drug dealer or money launderer)

    Surely you can either access your HSBC a/c while in the USA or transfer some or all of it to another HSBC type of a/c.

    • 2jzzzz on 20/02/2015 - 16:33
      -2

      That's the stupidest response I've ever read. You can carry as much as you want, you just fill in a 2min form once you declare.

      • travelwiz on 20/02/2015 - 16:38

        good luck !!!

        Do you like rubber gloves ?

    • jwrathall on 20/02/2015 - 23:54

      I was planning on travelling low cost and only needing around $8-9?. I'll have to check hsbc US to see how that all works.

  • crentist on 20/02/2015 - 15:19

    Not quite the same, but when I travel I load up a Citibank plus debit with some cash (aud) and carry a fee free international card like BankWest platinum or 28 degrees
    Debit card is used at local ATMs to get a little bit of cash to get by, or more depending on how much of a cash society it is, credit card used where accepted

    These cards have no fees and are converted at the base MasterCard rate, which is about as cheap as you can get. I believe banks are charged this rate, then tack their fees on top

    Result is very low exchange rates for all purchases and cash, with no need to worry about holding foreign currency
    If you face any fees to access your U.S. currency, or would like to hold it for s bit longer, then this is probably a cheaper way to do it

    • jwrathall on 20/02/2015 - 23:55

      The problem is that these cards require you to load the account with AUD, not USD.

  • modsec802 on 20/02/2015 - 15:43

    Will you need the whole $17k in 3 months? That's US$200 per day which would get you a long way in the US.

    Why don't you take some of it as cash, and then if you need more pay the 3% fee over there. 3% isn't that much for the safety and convenience.

    • jwrathall on 20/02/2015 - 23:59

      Nah, I won't be using that much… probably more like $8-9k max. I might do that… take 3 or 4k in cash and the rest on card. I suppose 3% will only set me back around $150-$200 in fees for 4-5k.

  • anna10 on 20/02/2015 - 15:51

    If the hotels are to be paid in cash etc, $200 a day in say NYC wont go far.

  • [Deactivated] on 20/02/2015 - 16:29

    You will need to check the account PDS to see what withdrawal options they give you at least cost. You may need to transfer to a US bank account to avoid conversion, maybe HSBC US has something to offer. Nit sure whats involved with HSBC AU to HSBC US. Also I've heard that ANZ offer multi currency accounts with good withdrawal rates in the US but not sure the details.

  • therooftop on 20/02/2015 - 18:00

    If I remember correctly, the HSBC multi currency accounts wouldnt let you take out money in another currency. It is just there as a virtual currency i.e. to make money of forex. Once you need your money out of the bank, it will be in AUD. Thats what the guy on the phone told me when I was opening an HSBC account ($50 opening bonus, FTW)

    What you can do is watch the exchange rate, and when the AUD is low, move your money. Then move it to Citibank plus (no foreign currency fee, no monthly fee, no withdrawal charges). Anything you might have lost in the exchange to AUD, you save on transaction fees. Not to mention its much safer carrying plastic around than cash. You can also move your money to their saver account, which earns you some interest and easy to do with their mobile app.

    Also, some analysts say that the AUD will fall to around US $0.70 so if youre moving money from your HSBC accounts, you dont have to do it all in one time.

    • jwrathall on 21/02/2015 - 00:03

      It's not just the USD to AUD exchange rate, but then the exchange rate back from AUD to USD. It'd be about 2-3% loss on each exchange I think. It just seems such a shame to have all these USD and not be able to just use it without losing $100s…

  • plowry1977 on 21/02/2015 - 20:02

    Maybe look if you can use credit card accounts with currencyfair

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